The global Curcumin market is forecasted to reach USD 135.4 Million by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising customer consciousness about the health benefits and therapeutic properties of curcumin. Moreover, the rising trend of using natural ingredients in cosmetic products is fostering the market demand. However, the availability of cheaper synthetic products is hampering the growth of the market.
Growing awareness amongst consumers about their healthy well-being is augmenting the demand for the market product. New and existing cosmetic companies focusing on natural ingredients and using curcumin as one of the primary ingredients is leading to increasing demand for the market. A rise in the acceptance of Ayurvedic medicines is helping the market size of curcumin due to its high value in Ayurvedic formulations.
North America is the largest market for curcumin with a 48.5% market share in 2019 due to a growing inclination for a healthy lifestyle and increasing demand for natural ingredients. The Asia Pacific region is forecasted to grow with the highest CAGR of 12.5%, owing to the presence of a large consumer base and a high acceptance rate of ayurvedic and organic products.
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Key participants include SV Agrofood, Biomax Life Sciences Ltd., Konark Herbals and Health Care, Star High Herbs Pvt. Ltd., Hebei Food Additive Co. Ltd., Arjuna Natural Extracts Ltd., Bio Thrive Sciences, Synthite Industries Ltd., Herboveda India Pvt. Ltd., and Hindustan Mint & Agro Products Pvt. Ltd., among others.
The COVID-19 impact:
The COVID-19 Pandemic has led to major cities of the world getting locked down. There is a massive rush to search for a cure for the disease that has gripped people globally. Due to this, there has been a huge growth in consumption, as well as the demand for curcumin in Europe and West Asia, particularly because of the health benefits it provides. Consumers aware of the health benefits of products like curcumin, are stocking up, leading to a surge in demand. Also, a new product based on curcumin, called ArtemiC is being developed by MGC and Micelle Technology, which has been proposed for the treatment of the disease, and is in the stage on clinical trials.
For the purpose of this report, Reports and Data have segmented into the global Curcumin market on the basis of Application, Type, Distribution Channel, and Region:
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Other Uses
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Food Grade
- Cosmetics Grade
- Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Offline Stores
- Online Stores (E commerce)
Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Further key findings from the report suggest
- The largest application of curcumin is in the pharmaceutical sector, and it occupied 55.7% of the market in 2019. This is primarily because of the increasing awareness regarding the health benefits of curcumin. Pharmaceutical Grade Curcumin witnessed has garnered substantial importance and occupied 56.6% of the market share in 2019 because of the huge demand for the product in the clinical applications, such as the treatment of Arthritis, migraine, diabetes, liver diseases and skin wounds.
- The food-grade sub-segment occupied 36.2% of the market in 2019, mainly due to the increasing use of curcumin in food in the developed countries and developing countries like China and India. Food-grade is forecasted to grow at a CAGR of 11.7% in the forecast period.
- Offline stores dominated the distribution channel and occupied 77.18% of the market share in 2019. The major reason behind this is that internet penetration is low in many areas, and the majority of the population still prefers to buy groceries offline in developing countries.
- North America dominated the market for curcumin in 2019. The reason behind this is that the population in this region is highly educated, and hence consumer awareness regarding the health benefits and cosmetic applications is high. Also, the people in this region have started to shift towards organic substances, thus leading to an increase in the demand of curcumin.
- India is the largest producer of curcumin, majorly because of the large applications of curcumin in the food segment, apart from the pharmaceutical and cosmetic segment, which is also prevalent in the rest of the world. India is responsible for about 80% of the production of curcumin in the world and is accountable for 60% of the exports.
- In March 2017, Arjuna Natural Extracts Ltd. invested USD 1.5 Million in the research and development of proactive curcumin. This is expected to drive the demand for the market.
Uses of this Report:
- This report gives an up-to-date view of the Global Curcumin Market
- Gives forecast with current market regulations put on the market and how it will affect the market’s future.
- It provides a six-year forecast based on how the market is expected to grow
- It helps in understanding the key product segments and their prospects
- It provides a detailed analysis of changing competition dynamics and gives you a head start.
- It enables one to make better business decisions by having complete insights of market and by making meticulous findings for markets prospects.
- PESTEL analysis of the market in the five major regions.
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Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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